Shenzhen-Hong Kong cross-boundary data validation platform
The Shenzhen and Hong Kong authorities announced in May 2024 the pilot launch of the Shenzhen-Hong Kong cross-boundary data validation platform. The platform utilises blockchain technology and data coding (i.e. hash values) for document verification without involving any cross-boundary transfer or storage of the original documents. The platform provides a credible means for validating the authenticity of the documents presented by the data owners.
During the first phase of implementation of the platform, pilot trials were conducted with cross-boundary use cases in the financial sector, covering validation of credit referencing reports as well as account opening documents for corporate customers. The second batch of pilot trials in the financial sector is targeted to commence in the first quarter of 2025.
For more details, please click here to view the relevant press release.
[Acknowledgement to the Hong Kong Monetary Authority for providing material for the story.]
Business facilitation measures under the programme would bring benefits in the following areas
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